The downward sloping aggregate demand curve can be explained in part through the:
A. positive relationship between the price level and net exports.
B. positive relationship between the price level and consumption.
C. negative relationship between the price level and investment spending.
D. All of these are true.
C. negative relationship between the price level and investment spending.
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The cost that a firm pays in money to hire a resource is referred to as ________ cost
A) a minimized B) a maximized C) an explicit D) an implicit E) a total
The economic efficiency of any process will be evaluated by
A) the proportion of marginal to non-marginal costs. B) the ratio of work done to energy supplied. C) comparing what is gained from what is sacrificed. D) the relationship of supply to demand.
The optimal patent length is equal to 20 years
Indicate whether the statement is true or false
The ability of a monopoly to charge a price that exceeds marginal cost depends on
A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve.